All Forum Posts by: Marty Neville

I think you should: 

1) Get ahold of them. If three days go by and they don't respond, you should be ready for the worst. 

2) If you can get ahold of them, but there is "paperwork" that is causing delays for more than a week, I'd get on a plane, and go visit them. Get "good funds" (Cashier's check or similar) or sit there until a wire transfer goes through. Don't just let them write you a regular check and see it bounce when you go to the bank later, or initiate a transfer that can later be rescinded. You flew from NZ to go see them. You want money in the bank. 

3) If neither of those happen, you are at real risk of being robbed in real time. Get a new property manager and inform tenants to pay to new bank account. 

 Please share with me who this was. I am an Akron realtor/investor that self manages but have out of town investors and want to be sure not to recommend this person to them.

If you are ever in a pinch or need someone to pop by one of your properties let me know and I can try to help out. Not many good PMs in this area.

Thank you and best of luck.

Michael nailed it. A property manager should not disburse funds at all unless they have the necessary documentation from the out-of-country investor. It took you an entire year to learn the funds were held, so I'm guessing you're not on top of your paperwork, either.

No offense, but why didn't you go straight to your PM with this question instead of asking a bunch of strangers? We have some suggestions, but only the PM can give the answer. If it's an issue of paperwork, fix it and you'll be paid. If it's an issue of an unscrupulous PM, then demand they make things right or report them to state commission.

In the future, you should at least look at your bank statement or owner report once a month.

@Marty Neville why did it take you this long to catch this?

Your ineptitude may amplify your losses:(

You're also jumping to assumptions.

We've had out-of-the-county investors that we could NOT legally send funds to because they hadn't supplied us with the IRS required documents - and they didn't respond to our numerous communications to get them.

Once we obtained the proper documents, we sent them their funds - by the way, we did send monthly Owner Statements, so they had the info to see what was going on with their portfolio.

So, that brings up another question - what information have they been sending you and when have they been communicating? DO you have access to an online Owner Portal? If so, what's there?

You also haven't shared what attempts you've made to reach out to them for an explanation...

@Marty Neville congrats!

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